Insurance - Finding Insurance for Unoccupied House

I have just recently got involved in buying houses, fixing them up, and selling.
I'm finding it hard to find an insurance carrier that doesn't charge an arm and leg for homeowners insurance. They don't want to insure an unoccupied house. Any suggestions or reccomendations?
Thanks in advance,
Bart

I'm not sure what the requirements are in your state, but you probably on want FIRE AND EC (Extended Coverage). Homeowner's coverage includes contrents, and you don't have any contents

I'M NOT RECOMMENDING THAT YOU DO THE FOLLOWING, only that I've done it, THEREFORE DO NOT DO THIS, as it is wrong, wrong, wrong! I tell my agent that I've purchased ANOTHER RENT HOUSE and need another Fire and EC effective on the closing date, and LUCKY FOR ME IT'S ALREADY GOT A TENANT IN IT.

I've found that using an INDEPENDENT AGENT for insurance is generally much better than using a CAPTIVE AGENT, ie; State Farm, Allstate, etc.

Good luck

frank

If you think THATS bad.....I bought a house, paid the insurance and had been living here for 3 months when I got the cancellation letter from the insurance company. There was a broken (very small) window and it had plywood on it. The company decided to inspect the outside while I was not here and thought it was unoccupied. Grass was cut, flowers on porch in planters, two chairs on porch. DUH. Called and told my agent to get his butt out here. Got it re-instated that day along with an apology. Make it look lived in. Good luck.

I'm in the same boat as you. I am purchasing a home to fix-up and no one will write an unoccupied dwelling policy. My ins guy was able to get me a policy but it was a 6month 2X the price and no portion was refundable. I called around and some agents were so rude that I even asked for such a thing b/c I didn't have other policies with them! That pissed me off, business is business. One guy was nice and told me to try and find an agent that writes for Lloyds of London, said they would prob get me the best rate. I didn't follow up on that.

Anyway I ended up getting a renters policy and I am sticking my brother-in-law in the house during repairs. It is livable just not sellable. :)

I was able to get my agent to write a policy for a very reasonable amt and any unused portion is refundable on a prorated basis. I close tomorrow!

I'm in Michigan. We have a plan called "Michigan Basic". It covers my investment properties. There are a few rules, but nothing outrageous. I have to have someone occupying it within a reasonable amount of time. I can almost be the one to set the time. When I get the insurance, I have to make a list of repairs and when I think it will be done. If it isn't done in the allowable time... they make me board the windows (they still cover it). I am completely against that because I don't want vandalism so I've learned to get the outside done first and hang blinds, keep the yard nice AND sign someones name to a faux lease. I've not had any problems. OTHER THAN.... I have one house that is really nice except when I bought it the back of the garage wasn't sided with the vinyl that the rest of the house had. It had the old siding (don't remember what kind but it wasn't aluminum). They gave me a choice... paint it or side it with the same siding as the rest. NOW... if I had the energy I'd fight it, but I've learned to pick my battles.

As far as premium.... MUCH cheaper than my own homeowners to go through this company. An 80K house costs me $340 a year to insure. My $95K house that I live in... through a regular insurance company costs me $1200 a year. Yes, that includes contents, but dang. You can ride rentals off of your primary if the homes qualify. If you are in the process of "remodel"... ask your insurance company what they can do.

I had NO luck with State Farm or Farm Bureau. They said they don't like to mess with "investment properties" unless they are occupied.

Sorry to babble. I'm sure there's a company out there you can go through. Might take you a couple dozen calls to find it... but keep searching.

Best of luck.

Christina